PEN CD-IMRF-FORMULA INCREASE
Summary
Amends the IMRF Article of the Illinois Pension Code. Increases the regular retirement formula to 2.15% of final earnings per year of service, for service earned on or after July 1, 2003. For service before that date, authorizes augmentation of the old retirement formula by payment of a specified contribution. Increases the normal employee contribution rate by 0.5% of earnings. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Bill status
failed
1 of 4 stages cleared
Introduction
Mar 2003
Committee Review
Floor Vote
Governor
Introduced Mar 11, 2003
Last action Jan 11, 2005
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
7
Key actions
0
Committee
3
Jan 11, 2005
House · Failed
Session Sine Die
Mar 13, 2003
House · Referred to committee
Rule 19(a) / Re-referred to Rules Committee
Feb 21, 2003
House · Referred to committee
Assigned to Executive Committee
Feb 19, 2003
House · Referred to committee
Referred to Rules Committee
0 primary · 1 co-sponsor
Sponsors
Role
Legislator
Party
State
District
Co
Kurt M. Granberg
DDemocratic
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